NTPC and EDF Power Solutions India have formed a 50:50 joint venture to develop, own and operate clean-energy projects across the Indian subcontinent, creating a new institutional platform for pumped storage, hydropower, renewables, transmission and distribution projects.
The agreement was signed in the presence of NTPC Chairman and Managing Director Gurdeep Singh and EDF Chairman and Chief Executive Officer Bernard Fontana. The proposed business will focus on projects in India and neighbouring countries, according to the companies.
The signing took place during a broader India-France meeting on cooperation in non-fossil fuel energy, including nuclear power. Power Secretary Pankaj Agarwal and Fontana reviewed the ongoing engagement between India and EDF on the proposed deployment of European Pressurised Reactor technology in India. Officials from the Ministry of Power, Ministry of External Affairs, Central Electricity Authority, NTPC and Nuclear Power Corporation of India attended from the Indian side, while EDF and the Embassy of France represented France.
The discussions covered the deployment of EPR technology, regulatory reforms for India’s nuclear sector, pumped hydro storage cooperation and the future direction of the India-France energy partnership. EDF also briefed the Indian side on its efforts to build an Indian ecosystem and supply chain for large-scale localisation.
The companies said a sizeable programme involving multiple nuclear reactors would provide suppliers with greater confidence and allow economies of scale by using Indian industry capabilities. The nuclear discussions come as India works on finalising a regulatory framework for the sector, including the draft SHANTI Rules and Regulations placed in the public domain by the Department of Atomic Energy for stakeholder consultation.
According to the report, the proposed rules provide for a streamlined and time-bound licensing framework and allow private and foreign partners to participate in India’s nuclear power programme. The regulatory framework is therefore part of the institutional background to the continuing NTPC-EDF engagement, although the new joint venture is focused on a wider set of clean-energy and power-system opportunities.
The companies said the partnership would develop, build and operate low-carbon power plants, flexibility solutions and transmission assets. They also linked the venture to India’s stated goal of reaching 100 GW of installed pumped storage capacity by 2036. Pumped storage projects can form part of the power system’s flexibility infrastructure, alongside renewable generation and transmission assets.
The joint venture follows earlier steps between NTPC and EDF. In April 2026, the two companies signed a non-binding memorandum of understanding to explore cooperation on new nuclear power projects in India. That MoU covered feasibility assessments, EDF’s EPR technology, localisation opportunities, economic and tariff considerations, human-resource development, potential project sites and technical support.
In February 2025, NTPC and EDF India had signed a non-binding term sheet covering the development, construction, ownership, operation and maintenance of pumped storage and other hydropower projects. It also included the possibility of combining hydro projects with renewable-energy projects and exploring distribution opportunities. The companies subsequently proposed creating a 50:50 joint venture after receiving the requisite government approvals.
The latest agreement formalises that proposed platform. Its next operational steps will involve identifying and developing projects across the listed segments, while the wider India-France engagement continues on nuclear technology, regulatory reforms, localisation and pumped storage cooperation.
